COE revenueFY2025$95.60M
- FY YoY
- +88.6%
- 5Y CAGR
- -21.2%
COE revenue was $95.60M for fiscal 2025 (ended Dec 31, 2025), up 88.6% from fiscal 2024. Compound annual growth was -21.2% over 5 years. It rose in 8 of the last 9 fiscal years.
51Talk Online Education Group (COE) financials
For fiscal 2025 (ended Dec 31, 2025), 51Talk Online Education Group reported $95.60M of revenue and -$16.80M of net income.
- Revenue, FY2025
- $95.60M
- Revenue growth, YoY
- +88.6%
- Net income, FY2025
- -$16.80M
- Net margin
- -17.6%
- Free cash flow, FY2025
- $9.52M
- EPS, diluted, FY2025
- -$0.05
- Cash
- $38.87M
- P/S
- 0.67
- Market cap
- $63.9M
FY2016FY2025
FY2016FY2025
FY2016FY2025
COE revenue and earnings growth
COE net incomeFY2025-$16.80M
COE net income was -$16.80M for fiscal 2025 (ended Dec 31, 2025), compared with -$7.24M in fiscal 2024.
COE EPSFY2025-$0.05
COE diluted EPS was -$0.05 for fiscal 2025 (ended Dec 31, 2025), compared with -$0.02 in fiscal 2024.
COE free cash flowFY2025$9.52M
- FY YoY
- +72.3%
- 5Y CAGR
- -37.6%
COE free cash flow was $9.52M for fiscal 2025 (ended Dec 31, 2025), up 72.3% from fiscal 2024. Compound annual growth was -37.6% over 5 years.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $95.60M | $50.69M | $27.11M | $15.05M | $788.0K | $314.80M | $212.37M | $166.61M | $130.33M | $60.24M |
| Cost of revenue | $24.94M | $11.16M | $6.32M | $3.19M | $130.0K | $88.95M | $63.19M | $59.76M | $48.28M | $21.20M |
| Gross profit | $70.66M | $39.53M | $20.79M | $11.85M | $658.0K | $225.85M | $149.18M | $106.84M | $82.05M | $39.05M |
| Research and development | $5.48M | $3.57M | $3.09M | $2.87M | $135.0K | $24.95M | $22.62M | $26.91M | $34.31M | $22.00M |
| Selling, general and admin | $17.30M | $10.62M | $7.73M | $8.07M | $1.69M | $32.83M | $28.16M | $32.44M | $34.49M | $23.86M |
| Operating income | -$14.43M | -$8.05M | -$13.66M | -$12.36M | -$4.59M | $16.00M | -$15.45M | -$58.86M | -$87.73M | -$73.76M |
| Interest expense | - | - | - | - | - | $10.0K | $1.36M | - | - | - |
| Pre-tax income | -$15.62M | -$7.05M | -$14.91M | -$12.78M | -$4.09M | $21.89M | -$14.27M | -$60.04M | -$88.60M | -$73.91M |
| Income tax | $1.24M | $276.0K | $118.0K | $60.0K | $100.0K | -$629.0K | $728.0K | $565.0K | $667.0K | $233.0K |
| Net income | -$16.80M | -$7.24M | -$15.03M | -$42.56M | $18.74M | $21.24M | -$15.00M | -$60.61M | -$89.27M | -$74.14M |
| EPS, basic | -$0.05 | -$0.02 | -$0.04 | -$0.04 | -$0.01 | $0.07 | -$0.05 | -$0.20 | -$0.30 | -$0.44 |
| EPS, diluted | -$0.05 | -$0.02 | -$0.04 | -$0.04 | -$0.01 | $0.07 | -$0.05 | -$0.20 | -$0.30 | -$0.44 |
| Diluted shares | 355.0M | 347.1M | 341.1M | 335.6M | 328.5M | 319.6M | 308.4M | 304.5M | 301.6M | 199.0M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $38.87M | $27.76M | $21.30M | $18.19M | $24.61M | $51.26M | $52.56M | $59.34M | $46.55M | $42.25M |
| Short-term investments | - | - | - | - | $90.70M | $78.11M | $65.06M | $19.82M | $15.48M | - |
| Inventory | - | - | - | - | $169.0K | $297.0K | $44.0K | - | - | - |
| Current assets | $60.40M | $40.09M | $29.78M | $26.57M | $151.25M | $247.92M | $171.00M | $138.85M | $108.87M | $102.66M |
| Goodwill | - | - | - | - | - | $647.0K | $607.0K | $614.0K | $649.0K | $608.0K |
| Total assets | $66.09M | $43.94M | $31.16M | $27.63M | $187.07M | $338.63M | $201.36M | $146.93M | $120.43M | $111.70M |
| Current liabilities | $95.36M | $56.90M | $39.13M | $20.51M | $297.04M | $462.55M | $347.40M | $274.25M | $218.92M | $120.82M |
| Short-term debt | - | - | - | - | - | - | $2.38M | - | - | - |
| Long-term debt | - | - | - | - | - | - | - | $10.04M | - | - |
| Total debt | - | - | - | - | - | - | - | $10.04M | - | - |
| Total liabilities | $97.34M | $58.65M | $39.35M | $21.06M | $300.50M | $471.49M | $351.70M | $286.94M | $223.16M | $125.98M |
| Shareholders' equity | -$31.36M | -$15.00M | -$8.19M | $6.58M | -$113.43M | -$132.87M | -$150.03M | -$140.01M | -$102.73M | -$14.29M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $11.81M | $5.83M | $559.0K | -$45.70M | -$105.03M | $104.18M | $57.16M | $4.33M | $8.46M | $4.14M |
| Capital expenditures | $2.29M | $308.0K | $287.0K | $5.0K | $3.80M | $3.37M | $1.38M | $2.56M | $5.44M | $5.34M |
| Free cash flow | $9.52M | $5.52M | $272.0K | -$45.71M | -$108.83M | $100.82M | $55.78M | $1.77M | $3.02M | -$1.21M |
| Investing cash flow | -$952.0K | $468.0K | $2.45M | $2.51M | $98.31M | -$105.99M | -$59.31M | -$713.0K | $1.66M | -$36.31M |
| Financing cash flow | $218.0K | $240.0K | - | $20.48M | -$2.35M | $1.29M | -$7.83M | $9.95M | $40.0K | $61.14M |
| Share repurchases | - | - | - | - | $3.19M | $3.54M | $863.0K | - | - | - |
| Stock-based compensation | $1.33M | $934.0K | $910.0K | $712.0K | $219.0K | $0 | $2.40M | $4.06M | $5.39M | $6.95M |
| Depreciation and amortization | $434.0K | $137.0K | $99.0K | $103.0K | $97.0K | $2.90M | $3.82M | $4.79M | $4.46M | $2.39M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 88.6% | 87.0% | 80.2% | 1809.6% | -99.7% | 48.2% | 27.5% | 27.8% | 116.3% | - |
| Net income growth, YoY | - | - | - | - | -11.8% | - | - | - | - | - |
| Gross margin | 73.9% | 78.0% | 76.7% | 78.8% | 83.5% | 71.7% | 70.2% | 64.1% | 63.0% | 64.8% |
| Operating margin | -15.1% | -15.9% | -50.4% | -82.1% | -582.7% | 5.1% | -7.3% | -35.3% | -67.3% | -122.4% |
| Net margin | -17.6% | -14.3% | -55.4% | -282.8% | 2377.9% | 6.7% | -7.1% | -36.4% | -68.5% | -123.1% |
| Free cash flow margin | 10.0% | 10.9% | 1.0% | -303.7% | -13810.5% | 32.0% | 26.3% | 1.1% | 2.3% | -2.0% |
| Return on equity | - | - | - | -647.0% | - | - | - | - | - | - |
| Return on assets | -25.4% | -16.5% | -48.2% | -154.0% | 10.0% | 6.3% | -7.4% | -41.2% | -74.1% | -66.4% |
| Current ratio | 0.63 | 0.70 | 0.76 | 1.30 | 0.51 | 0.54 | 0.49 | 0.51 | 0.50 | 0.85 |
Source: XBRL data 51Talk Online Education Group files with the SEC, latest filing dated Apr 23, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
COE peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| COE | $95.60M | +88.6% | -$16.80M | -17.6% | $63.9M |
| SE | $22.94B | +36.4% | $1.58B | 6.9% | $45.32B |
| IT | $6.44B | -0.2% | $954.41M | 14.8% | $12.17B |
| RTO | $6.91B | +4.4% | $470.00M | 6.8% | $11.90B |
| SCI | $3.31B | +3.4% | $561.30M | 17.0% | $10.25B |
| EDU | $5.66B | +15.5% | $475.17M | 8.4% | $8.18B |
| HRB | $3.97B | +5.2% | -$325.44M | -8.2% | $6.20B |
| TAL | $3.01B | +33.7% | $530.75M | 17.6% | $5.59B |
| GHC | $5.12B | +4.3% | $496.96M | 9.7% | $5.07B |
COE FAQ
9 questionsWhat is COE revenue?
51Talk Online Education Group (COE) reported $95.60M of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 88.6% from the year before.Is COE profitable?
No. 51Talk Online Education Group reported a net loss of $16.80M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does COE have?
51Talk Online Education Group reported $38.87M in cash and cash equivalents on its most recent balance sheet in SEC filings.How fast is COE revenue growing?
51Talk Online Education Group's revenue changed +88.6% in fiscal 2025, to $95.60M. Its compound annual growth rate was -21.2% over 5 years.What is COE gross margin?
51Talk Online Education Group's gross profit was $70.66M on $95.60M of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 73.9%.What is COE free cash flow?
51Talk Online Education Group generated $9.52M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of $11.81M less capital expenditures.What is COE earnings per share?
Diluted earnings per share were -$0.05 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did COE last report financial results?
The latest statements here come from 51Talk Online Education Group's 20-F filed on Apr 23, 2026, covering the period ended Dec 31, 2025.Where does this COE financial data come from?
Quantisnow builds these statements from the structured XBRL data 51Talk Online Education Group files with the SEC. It is provided for information only and is not investment advice.